U.S. Assisted Living Facility Industry Overview
The U.S. assisted living facility market size was valued at USD 87.4 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.48% from 2022 to 2030. Major factor driving the market growth is the growing geriatric population seeking companionship, security, and assistance with daily activities, are residing in ALFs. The rise in the geriatric population due to increased life expectancy is expected to grow rapidly in the future. According to National Institute on Aging (NIA), globally, around 8.5% of the population is aged 65 and above. As per data published by Population Reference Bureau, the number of Americans aged 65 years above is projected to reach 95 million by 2060, from 52 million in 2018.
The rise in the geriatric population due to increased life expectancy is expected to grow rapidly in the future. According to National Institute on Aging (NIA), globally, around 8.5% of the population is aged 65 and above. As per data published by Population Reference Bureau, the number of Americans aged 65 years above is projected to reach 95 million by 2060, from 52 million in 2018.
Gather more insights about the market drivers, restraints and growth of the U.S. Assisted Living Facility market
Technological developments for ALFs are expected to propel its U.S. market. The development of sophisticated easy-to-use devices and services, such as Internet-enabled home monitors, telemedicine, and apps for mobile health, is likely to boost the market over the forecast period.
Over the past few years, the healthcare sector has witnessed various technological advancements, such as wireless data communication, electronic health records, telemedicine/telehealth, activity monitoring systems, fall prevention or detection systems, tracking or wandering management systems, and medication adherence systems. For instance, an electronic medication adherence system enables tracking a patient’s medication schedule and whether they are following it.
Based on the nature of the population served and service provision, residents at assisted living facilities may be at a high risk of contracting COVID-19. According to the CDC, in the early months of the pandemic, around 2.1 million people lived in residential care or ALFs and nursing homes, which represents 0.6% of the U.S. population. A number of these facilities became hotspots for the transmission of the novel coronavirus and 42% of the total COVID-19 deaths in the U.S. were ALF residents.
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U.S. Assisted Living Facility Industry Segmentation
Grand View Research has segmented the U.S. assisted living facility market based on age and region:
U.S. Assisted Living Facility Age Outlook (Revenue, USD Billion, 2017 - 2030)
- More than 85
- 75-84
- 65-74
- Less than 65
U.S. Assisted Living Facility Region Outlook (Revenue, USD Billion, 2017 - 2030)
- West
- South
- Midwest
- Northeast
Market Share Insights:
January 2021: Kindred Healthcare, LLC and Tampa General Hospital initiated the construction of a joint rehabilitation facility as per their joint venture in May 2020.
Key Companies profiled:
Some prominent players in the U.S. Assisted Living Facility Industry include
- Kindred Healthcare, LLC
- Brookdale Senior Living Inc.
- Sunrise Senior Living, LLC
- Atria Senior Living, Inc.
- Five Star Senior Living
- Capital Senior Living
- Merrill Gardens
- Integral Senior Living (ISL)
- Belmont Village, L.P.
- Gardant Management Solutions
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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